New Delhi, May 29 -- Moody's Ratings has upgraded Reliance Industries Limited's (RIL) long-term local currency issuer rating and foreign currency senior unsecured ratings to Baa1 from Baa2 following an update to its methodology on how sovereign credit quality influences corporate ratings.

With the latest upgrade, Reliance Industries is now rated two notches above India's sovereign rating by both Moody's and S&P Global Ratings, reflecting the company's strong credit profile and diversified business operations.

In a statement, Moody's said the upgrade "reflects its fundamentally strong and resilient credit profile, supported by its large scale, diversified operations, and leading market positions across oil-to-chemicals, digital, and reta...